The future of insurance and the automotive sector at the GIIC in China

6 Dec 2017

by Sam Chapman

A couple of weeks ago, I had the great pleasure to speak at the Global Insurtech Innovation Conference in Shanghai, China after being invited by the event organisers, Fosun, and the Insurance Association of China.

The conference is only in its second year but it is a high profile event which seeks to showcase the latest and greatest technologies impacting the insurance sector.

For The Floow, it was a great opportunity for us to talk about our groundbreaking work in telematics and our research surrounding autonomous vehicles, touching upon how it will affect the future for insurers and drivers alike.

It was an honour to be able to share the stage with the likes of the China Insurance Regulatory Commission and the CEO of Tencent, one of the five biggest organisations in the world, who mentioned our company and the work we are doing in their opening speeches at the conference.

I spoke about the need for insurers to understand the risks that are likely to be associated with autonomous vehicles. The way that risk is handled today is likely to undergo some significant changes in the next few years when it’s the car that’s either fully or partly in control when on the road.

Here at The Floow, we are working to understand these scenarios and come up with solutions before the technology hits the mainstream. Our work on the MOVE_UK project is a great example of what we are doing in this area as we’re collecting data from test vehicles to help insurers, the Government and local authorities with planning the infrastructure needed to support a future that could be dominated by autonomous vehicles.

Whilst it will take time to build a thorough view of the challenges we will face, it’s critical that insurers continue to work in partnership with technology companies and data scientists so they can prepare for how the autonomous vehicles will affect them, their policy-holders and their business models. Being at the forefront of these discussions are exactly where we need to be.

Alongside my opportunity to speak at this thought-provoking event, I was delighted that our work at The Floow was mentioned in other keynote speeches throughout the day. Jonathan Larsen from Chinese insurer Ping An Group mentioned how we’re working together in his speech and Kang Lan from Fosun spoke about the company’s investment in our capabilities. She spoke about how the insurance industry should be investing in new technology and bringing these skills into their business model to prepare for the future, using Fosun’s investment in The Floow as an example of this.

With such enthusiasm for our work, our products and the solutions we are trying to create, I was reminded that the Chinese market is of enormous importance to our future growth. The discussions I participated in make it clear that China will be a catalyst for innovation in insurance with telematics, and will play a key role in a future where mobility is safer and smarter for everyone.